Everyone, especially Congress, knows that today is the last day to file your taxes. On Capitol Hill, Tax Day and its lead up are typically marked by sound and fury rather than progress on tax policy. This year is no different.

In the Senate, still sitting unmoved is the Tax Relief for American Families and Workers Act (H.R. 7024). The only real sign of progress was an update from Majority Leader Chuck Schumer (D-NY), who included the bill on a list for potential consideration in the "weeks and months ahead." 

The Majority Leader also acknowledged that the bill doesn't have the votes to advance yet, which we knew. But Leader Schumer is still positive about the bill's prospects and appears to be in no hurry to pull the trigger on a cloture motion. That option, done without a deal in hand with Republicans, would signal the bill's certain demise. Such a vote also would serve to assign blame (or credit, depending on your outlook) for the bill's defeat.

Over in the House, taxwriters marked Tax Day with a warm-up hearing on the merits and drawbacks of the Tax Cuts and Jobs Act (TCJA), major parts of which are set to lapse next year. "I expect my colleagues will use the same tired talking points about that bill being all about tax breaks for the wealthy," Chairman Jason Smith (R-MO) predicted in his opening remarks. 

Ranking Member Richard Neal (D-MA) rose to the challenge, charging that "Republicans have skyrocketed the deficit with trillions in tax cuts for billionaires and big corporations, always with the same result: the top one percent benefits while nothing trickles down for workers." 

Don't forget that other major tax provisions, including look-through treatment of payments between related controlled foreign corporations, are also set to lapse. That's why the approaching battle over tax policy is expected to make the 2012 "Fiscal Cliff" debates look like a picnic. 

Before we get there, voters in November will determine if Representative Smith or Representative Neal will hold the pen that writes the next major tax law. Until then, sound and fury will probably outpace achievements on tax policy. #TaxTake

Upcoming Speaking Engagements and Events

Marc will moderate the session "Beyond SECURE 2.0: Retirement Policy Update From the Hill" at The ERISA Industry Committee 2024 Spring Policy Conference on April 18, and on May 30, he will moderate the panel "Tax Legislative Outlook" at the FBA 2024 Insurance Tax Seminar.

Loren will speak at the Tax Council Policy Institute's 25th Annual Tax Policy Practice Symposium, "The Gathering Storm: 2025 and the Coming Tax and Fiscal Showdown," on May 16.